Guelph Housing Market Stats – May 2021
This video provides a summary of the Guelph housing market stats for the month of May, 2021. The May results come to me as a bit of a surprise. I will explain, but first lets take a look at some of the key metrics (relative to May, 2020):
- Median Sales Price was $742,000 – ↑ 30.2%
- Median Days on Market was 7 days – ↓ 8 days
- Total Number of Sales was 275 – ↑ 75.2%
- Total Number of Listings was 363 – ↑ 61.3%
CLICK HERE to view the full market report.
In April, we actually encountered the first month-over-month sales price decline in quite some time. It was starting to look like the market was cooling down and that prices had reached their peak. We were, and still are seeing less offers on properties in general. However, despite new listings outpacing the number of sales two months in a row, prices have started to rise again. In fact, relative to April, 2021, prices in May are up by almost 4.5% in Guelph.
New listing inventory will be a key metric to watch as we head into the summer months. If new listing inventory continues to outpace the number of sales, a more balanced market will be the likely scenario. In my opinion, this is ideal for the market. It would be nice to prices flatten out for an extended period of time. This is ideal for sellers who may have purchased before buying, and it would allow buyers to enter the market in a more stable environment.
There are also new stress test rules in place, which started on June 1. It will be interesting to see if this new policy makes a noticeable difference within the first month. I will report more about this next month!
If you have any questions about the market, or are thinking about buying or selling, please feel free to reach out to me.
